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Do not use this form for a Tax Sheltered Annuity

Do not use this form for a Tax Sheltered Annuity 2025

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The document is a Periodic Partial Withdrawal/Partial Withdrawal Request Form for New York Life Insurance and Annuity Corporation (NYLIAC). It provides instructions for policyowners on how to request partial withdrawals from their variable annuity policies, including the necessary sections to complete, tax implications, and signature requirements. The form outlines options for one-time or periodic withdrawals, details about potential surrender charges, and the impact of withdrawals on policy values and benefits. Additionally, it includes information on income tax withholding and the importance of consulting a tax advisor.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the date and your policy number at the top of the form. Ensure that all information is accurate.
Read through the instructions carefully, especially noting that this form should not be used for a Tax Sheltered Annuity.
If you wish to set up a Periodic Partial Withdrawal Arrangement, complete Sections A, B, and D through F. Specify the amount and frequency of withdrawals.
For a one-time Partial Withdrawal, fill out Sections B through F. Indicate the amount you wish to withdraw and ensure it meets the minimum requirement.
Sign and date Section F at the end of the form. If applicable, secure signatures from all joint owners or designees.
If withdrawing over $50,000, include notarized confirmation or Medallion Signature Guarantee as required.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the disadvantages of a tax-sheltered annuity?

Who is normally considered to be the owner of a 403(b) tax-sheltered annuity? The participating employee normally applies for and owns a 403(b) tax-sheltered annuity.

Which of the following will be eligible for a tax-sheltered annuity?

A tax-sheltered annuity allows employees to invest income before taxes into a retirement plan. TSA plans are offered to employees of public schools and tax-exempt organizations.

Who has access to a tax-sheltered annuity?

But tax-deferred annuities have some drawbacks, too. They are fairly illiquid. That means once you put your money into one, you can incur penalties if you withdraw it before the end of your surrender charge period. Also, depending on the company you buy from and the type of annuity, you may have high fees.

What tax form do I need for an annuity?

File Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., for each person to whom you have made a designated distribution or are treated as having made a distribution of $10 or more from profit-sharing or retirement plans, any individual retirement

Is a 403 B tax-sheltered annuity?

A 403(b) plan (also called a tax-sheltered annuity or TSA plan) is a retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. Employees save for retirement by contributing to individual accounts. Employers can also contribute to employees accounts.

Who is not eligible for a tax-sheltered annuity?

You cannot be excluded from participation unless one of the below exclusions apply: Employees who are non-resident aliens; Employees who are students performing certain services. Employees who normally work fewer than 20 hours per week.

Do not use this form for a Tax Sheltered Annuity 2025

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